- Mining stocks are on the move as copper prices rise above $6K/metric ton for the first time since March after the Chinese government said its GDP expanded at a 6.9% annual rate in Q2 and industrial production growth of 7.6% beat expectations.
- Freeport McMoran (FCX +4.6%) is up more than 4%, while Antofagasta (LON:ANTO) (OTC:ANFGF +4%) also is headed higher.
- A weak U.S. dollar, which earlier hit a 10-month low against a basket of other commodities, adds support to copper and commodity prices including aluminum, lead, zinc and nickel.
- Meanwhile in the U.S., Reuters reports Comex copper stockpiles are set to rise from their current 13-year highs because China is buying more scrap metal.
- "We’ve had the build up but we have not yet had the run down, which means that demand hasn't come yet," says Barclays (LON:BARC) metals analyst Dane Davis.
- ETFs: JJC, DBB, CPER, BOM, BOS, JJM, CUPM, BDD, RJZ, BDG, UBM, HEVY
- Now read: What Are Lumber And Iron Ore Telling Us?
Original article